Panama Diamond joins WFDB

The Panama Diamond Exchange (PDE) was accepted for membership in the World Federation of Diamond Bourses during the 33rd World Diamond Congress that concluded recently in Shanghai, China.

On the first day of the congress, PDE president Erez Akerman gave the following address to the WFDB General Assembly: “Our diamond exchange was opened in Panama City in early 2006 by a group of diamond traders headquartered in the region. Right from the very outset, we envisioned the bourse as a gateway to and from Latin America, which is the vast Spanish and Portuguese speaking region that stretches from the southern tip of South America, through Central America and ending on Mexico’s northern border with the United States. We also consider the islands of the Caribbean to be within our target area. (more)

It is a region that has a combined population of approximately 700 million people, which is the equivalent of the United States and Europe together. It also is a part of the world that is benefiting from tremendous prosperity as a result from its ongoing development. There currently are more than 11,500 jewelry stores spread around 20 different South and Central American countries and 23 Caribbean islands, which together generate an annual demand for diamonds and jewelry of more than $7 billion.

We see the Panama Diamond Exchange serving the diamond industries both within Latin America and outside of it. For suppliers and buyers of diamonds from North America, Europe, Asia and the Middle East, it will provide a “under one roof” hub to the lucrative but far flung markets of Latin America. At the same time, members of the jewelry trade in Latin America will be able to buy and sell diamonds in an easy to reach, and secure and stable environment, where they can conduct their business comfortably in Spanish. To date they have had to travel massive distances to buy diamonds and jewelry, and this undoubtedly impacted the growth of the diamond markets in the region.

Source : http://www.panamanewsbriefs.com/?p=6410

Story link: Panama Diamond joins WFDB